Golden Spike Expands Gregory River Property and Provides Corporate Update

VANCOUVER, BC / ACCESSWIRE / December 7, 2022 / Golden Spike Resources Corp. (CSE:GLDS) ("Golden Spike" or the "Company") is pleased to announce that it has added two key mineral licences to the existing Gregory River Copper-Gold property (the "Property"), located in Newfoundland and Labrador, bringing the overall land position to 3,425 hectares.

Highlights:

• Addition of two licences further consolidates Golden Spike's strategic land position over the Gregory River Volcanogenic Massive Sulphide ("VMS") belt.
• Numerous high-priority targets, including the Steep Brook and Lode 9 VMS prospects, and five, high-grade copper ±gold vein prospects added to the Property position.
• Existing Option Agreement is amended to include the two new licences and therefore no new payments are required to the vendor beyond the current Option Agreement.

Golden Spike's President and CEO, Keith Anderson commented,

"We are very excited to announce this important increase to our land position at our 100%-controlled Gregory River Property. These new licences remove two important gaps and further consolidate Golden Spike's land position in this very prospective VMS-belt. The ground covered by the new licences includes several historically explored VMS and vein-style prospects, which greatly enhance the Property's potential for new discoveries. Over the next several weeks the Company will further review the historical work completed over these licences and incorporate this ground into future exploration programs."

Amended Gregory River Copper-Gold Property Option Agreement

On December 6, 2022, the Company signed an amendment to the existing Option Agreement with the Optionors, whereby Golden Spike can acquire a 100%-interest in the Gregory River Copper-Gold Property (refer to September 20, 2022, press release, "Golden Spike Issues Shares Under Gregory River Option Agreement"), subject to a 2% net smelter returns royalty interest (the "NSR") of the Optionors calculated in accordance with the Option Agreement. At any time following the completion of the Option exercise, the Company will have the right to purchase one-half of the NSR from the Optionors for $1,500,000, leaving the Optionors with a 1% NSR. The amended agreement now includes two additional mineral licences (034159M, comprised of 5 claims covering 125 hectares, and 034158M, comprised of 8 claims covering 200 hectares), which bring the total land area of the Property to 3,425 hectares, covered by 17 mineral licences comprised of 137 map-staked claims ("the Amended Option Agreement") (Figure 1). All other terms of the Amended Option Agreement remain the same as original Option Agreement.